mortgage: Tampa Mortgage - Road Map for Buying a Home - 07/18/07 12:49 AM
Tampa homebuyers...ever just think "Ug...the process is too much!" Many home buyers, in Tampa and throughout Florida, like to have a plan when going through the process of qualifying for a mortgage and buying a home.  There is so much information available on mortgages, but sometimes it is just too much for a consumer to sort out on their own.  When my customer is a first time home buyer,  I can anticipate they like to know what to expect from the home buying process. 
I will never forget one experience I had with a gentleman that was referred to me by a past … (25 comments)

mortgage: Mortgage Income Requirements - Alimony and Child Support Income for Qualification - 06/27/07 01:11 AM
Many individuals, in Tampa Bay and throughout Florida,  going through a divorce or seperation find themselves faced with the task of qualifying for a mortgage loan with alimony and/or child support income. 
In some circumstances, one spouse is to be awarded alimony and/or child support as part of the divorce decree.  With this income, they now may need to purchase a home, in Tampa Bay Florida, with their new source of income.  When it comes to conventional financing, there are a few basic guidelines to follow to know if you can use your alimony and/or child support income as qualification for a … (33 comments)

mortgage: Don't Buy More House Than You Can Afford - 05/28/07 04:41 AM
Today I logged onto my computer and was caught by a pop-up advertising a $350,000 mortgage for $999 a month.  WOW!  Normally, I shake my head and close them out.  Or, when I see the advertisements on T.V., I change the channel.  I had a reality check the other day when my finance' commented in response to one of these low payment commercials.  He said, chucklin, "Honey, we should call them!"...of course he was joking, but I realized that most consumers don't know what we in the business know. 
In our local Tampa Bay market, we have high home prices and … (11 comments)

mortgage: Adjustable Rate Mortgages - The Scary Reality - 05/15/07 07:14 AM
Did you know there are trillions of dollars in adjustable rate mortgages that are going to adjust this year alone?  An even more frightening piece of information is that 1 in 2 homeowners do not know what type of a mortgage they have and worst of all, nearly 2 million homes will go into foreclosure because of these adjustable rates mortgages.
There is no doubt, we all know someone who will be affected by an adjustable rate mortgage.  The key is protecting those people's homes through education.  Homeowners who currently have an adjustable rate mortgage should be making consultation appointments right now … (9 comments)

mortgage: Lender Appraisals - Updates to Watch For! - 04/25/07 03:13 PM
There is an update to tell you about in our mortgage industry!  This comes from the spur of tightened mortgage guidelines and it is something to watch for here in our Florida market. 
Many mortgage investors now are paying closer attention to the appraisals.  Specifically the area on the URAR that outlines the conditions of property values.  (This is in the middle of page 1 of the URAR in the Neighborhood Section).   
Some investors on conventional product are reducing the maximum LTV by 5% whenever the appraisal states that the subject property is in over supplied area or an area of … (6 comments)

mortgage: Down Payment Assistance Programs - 04/19/07 09:58 AM
Over the past couple years, homebuyers have been able to take advantage of Down Payment Assistance Programs, such as AmeriDream, Neighborhood Gold and many others. 
How do they work?  For example: a homebuyer is purchasing a home in Tampa for $200,000.  As a first time buyer, they didn't already have established credit scores, so their lender was able to qualify them for an FHA Government Loan.  However, this loan requires a 3% down payment, which our Tampa buyers don't have to put down on their new home.  With the down payment assistance program, the seller could "gift"the 3% down payment plus an administration … (21 comments)

mortgage: Tampa First Time Buyer - What's The Payment? - 03/28/07 01:42 PM
When I take an application from a new home buyer, I always ask..."What is your comfort payment, what payment range are you trying to target?"  I think it's a bit suspicious when first time home buyers give a payment that is unrealistic with the price range.  Now, I have to say that when I think "mortgage payment", I am including escrows...after all, these do have to be paid at some point.  It takes much education to get this same idea through to buyers.   
So where is the disconnect in "What's the mortgage payment?"...
When buyers are looking at homes, many time they use websites that offer "mortgage calculators" to … (7 comments)

mortgage: Get Mortgage Ready...It Starts with a Plan - 03/27/07 06:03 AM
With the recent happenings in the mortgage industry and the tighter lending requirements in our industry, the big question is...Now What? 
"If I can't qualify for a mortgage, what do I do?" Well, first of all, it doesn't mean you are a horrible person or that you can never own a home, it just means you need to do a bit of work to get there! 
In our Tampa Bay market, it is cruicial to be able to qualify for the best mortgage rate, because the majority of buyers need … (7 comments)

mortgage: Dear Abby, Mortgage Edition - 03/21/07 03:50 PM
I'm curious...
I am sure that in your business, like mine, the changes in the mortgage industry create a variety of different hurdles to overcome.  I have heard comments ranging from the guideline changes to the actual mortgage lenders and brokers dealing with customers.  I have a lot to say and would like to use my voice to help YOU! 
Please, give me your input.  I will take your questions and suggestions and use them for my blog topics. 
It's Dear Abby for the Mortgage Industry!
What is the biggest mortgage challenge you are facing today?

mortgage: Tampa Mortgage | FHA, VA, Government Loans - 03/21/07 01:39 PM
FHA, VA mortgage in Tampa, or even in South this an option?  Yes!  In fact, it is a solution.  As a direct lender, we are fortunate to have the capabilities to write government loans.  Now, I have to sidebar and give you a bit of background about me to paint a picture here. 
I started as a mortgage consultant in Kalamazoo, Michigan.  In Kalamazoo, we have a number of banks and mortgage lenders, quite a few less mortgage brokers.  What this means is that we wrote quite a few government loans for borrowers.  They have many advantages, but I will … (10 comments)

mortgage: What is happening with the subprime mortgage market? - 03/18/07 11:42 PM
Whether I am deal with customers here in Tampa, Florida or in Michigan, I am being asked this question on a regular basis..."What is going on with the subprime mortgage market?"
 First, what is a subprime mortgage?  For anyone who hasn't been in business for the past couple years, it was a great tool for getting "credit challenged" borrowers into a mortgage.  Mortgage brokers were able to approve loans to borrowers with credit scores down to 560, 1 day out of bankruptcy or foreclosure and not proof they could pay a mortgage!  Was it right?  The majority of the time, no.  That is … (3 comments)


Leah Ross

Tampa, Florida Mortgage

Tampa, FL

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Address: 3111 W. Dr Martin Luther King Blvd, Suite 100, Tampa, FL, 33607

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My blog on the mortgage industry for Tampa, Clearwater and St. Petersburg, Florida.



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